Posts tagged lord green

Inward investment on the rise as Olympics brings £2.5bn to UK economy

Inward investment on the rise as Olympics brings £2.5bn to UK economy

Britain’s Olympics has delivered a £2.5 billion boost in foreign direct investment (FDI) over the past year, bringing with it more than 31,000 jobs, according to preliminary figures published today.

The investment projects generated following the 2012 Olympics’ British Business Embassy programme of global business summits have helped ensure that the UK has again retained its position as the leading European destination for foreign direct investment.

The preliminary data published today at the Global Investment Conference shows that during 2012-13, UK Trade & Investment (UKTI) recorded 1,462 projects which brought with them or safeguarded 163,489 jobs. Of these 58,170 are new jobs – beating both the quantity of investment attracted and employment secured in the previous year.

The Prime Minister, David Cameron joined other high profile delegates from 40 countries at the Global Investment Conference, including the German and Canadian finance Ministers, Managing Director of the International Monetary Fund Christine Lagarde, global chief executive officers, sovereign wealth funds representatives and corporate investors.

Senior Ministers Chancellor George Osborne, Energy Secretary Ed Davey, Trade Minister Lord Green, Treasury Ministers Greg Clark and Lord Deighton and London Mayor Boris Johnson also spoke to delegates about the UK’s compelling offer as both a hub for global growth and an international investment destination.

Trade and Investment Minister Lord Green said: “Foreign investment creates hundreds of thousands of jobs and helps to increase the productivity and competitiveness of the UK economy. It’s a vital strand of the Government’s plan for growth.

“The 2012 Olympics were a once in a generation opportunity for the UK to showcase to the world Britain’s compelling investment offer and these preliminary figures are very encouraging. Despite strong competition from our traditional competitors and emerging economies, Britain has retained its position as the leading destination for foreign direct investment in Europe.

“To retain the UK’s enviable position as one of the most attractive global locations of choice, Britain will need to continue to work hard to attract high value foreign investment in the coming year and beyond.“

The preliminary data published today compares favourably with last year’s 1406 recorded projects (4% increase) and 112,659 jobs (45% increase). Of the 163,489 jobs, 58,170 are new jobs and 105,319 safeguarded jobs. UKTI and its partners were involved in delivering nearly 84% of the projects. Full results will be published in July.

Olympic and Paralympic Success to Boost Business Growth

Trade Minister Lord Green and Olympic Ambassador Sebastian Coe vowed today to build on the success of the Olympics and Paralympic Games by working with industry to promote British skills around the world.

An Olympics Legacy programme of trade missions and companies in the building construction sector will build on the successful completion of the Olympic venue which is set to bring £13 billion to the UK in the coming months and years.

Olympics Legacy Ambassador to the Prime Minister, Sebastian Coe, said that the Olympic legacy which London 2012 left is ‘once-in-a-lifetime’ opportunity to showcase British business excellence to the world.

Coe, who is also a double Olympic Champion and 12-time world record holder in athletics, said: “The extraordinary success of the London 2012 Games has shown the best of Britain to the world and now our focus turns to securing a lasting legacy. We have already witnessed the incredible regeneration of east London, with world class facilities and a new urban park created.

“We now need to ensure that organisations up and down the country use the positive impact generated by the Games to reach out to new markets and grow their businesses.

“The British Business Embassy at Lancaster House has brought together business leaders from the UK and all over the world in a showcase of Britain’s industrial strengths and successes.”

Trade and Investment Minister, Lord Green, said that the Games have provided excellent chance to enhance Brittan’s business links with the rest of the world that will bring significant investment to the economy.

Mr Green said: “The British Business Embassy has hosted 4,000 business people from large and small firms alike. The connections they have made will deliver real economic dividends.

“We are now working hard, alongside firms around the country to follow up the contacts, networks, announcements and momentum created by the Games.”

Go to Top